Make The World
More Sustainable[Provisional Translation Only]
This English translation of the original Japanese document is provided solely for information purposes.
Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

May 29, 2019
IssuerIchigo Office REIT Investment Corporation (“Ichigo Office,” 8975)
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
www.ichigo-office.co.jp/english
Asset Management Company
Ichigo Investment Advisors Co., Ltd.
Representative: Hiroshi Iwai, President
Inquiries: Hiroto Tajitsu, Head of Administration
Tel: +81-3-3502-4891

Acquisition of Office Asset (Ichigo Hakata East Building) andSale of Retail Asset (Ichigo Fiesta Shibuya Building)Consistent with its strategy as a specialized office REIT, Ichigo Office decided today toacquire an office asset, the Ichigo Hakata East Building, and sell a legacy, non-office retailasset, the Ichigo Fiesta Shibuya Building. Ichigo Office’s sponsor, Ichigo, provided theoffice asset and agreed to purchase the non-office asset.
1. Asset Acquisition Summary
Asset Number
Asset Name1
Asset Type

O-94
Ichigo Hakata East Building
OfficeDate Built

June 11, 2002

Form of Ownership

Trust beneficiary interest in real estate (juekiken)

Appraisal Value2

JPY 2,480 million

Acquisition Price3

JPY 2,250 million

SellerKichijoji Holdings GK

Contract Date

May 29, 2019

Closing Date

May 31, 2019

Financing Method4

Cash-on-handSettlement Method

Lump-sum payment

1

Ichigo Office will change the building name from the Takeyama Hakata Building to
the Ichigo Hakata East Building. For purposes of this release, the building is referred
to as the Ichigo Hakata East Building.
2
Appraisal Value is calculated by Tanizawa Sogo Appraisal as of April 1, 2019, and isin compliance with the appraisal guidelines of Ichigo Investment Advisors (“IIA”) as
well as the rules of the Investment Trusts Association of Japan.
1

3

Acquisition Price excludes incidental expenses such as fees and property, city
planning, and consumption taxes.
4
Includes proceeds from today’s asset sale
2. Asset Sale Summary
Asset Number
Asset Name
Asset Type

Z-02
Ichigo Fiesta Shibuya Building

Date Built

November 1, 1979

Form of Ownership

Real Estate
November 1, 2011
(Acquired by former Ichigo REIT on August 1, 2007)

Acquisition Date

RetailSale Price1 (A)JPY 2,400 million

Buyer

Hakata GK

Book Value2 (B)Sale Price vs.
Book Value2(A) – (B)JPY 1,959 million

Appraisal Value3

JPY 2,210 million

Contract Date

May 29, 2019

+JPY 440 million

Closing Date
May 30, 2019
Legal Form ofSale of trust beneficiary interest in real estate (juekiken)
Transaction4
1
Sale Price is the sale price of the asset excluding incidental expenses such as fees andproperty, city planning, and consumption taxes.
2Book Value is an estimate based upon the most recent book value (October 2018 fiscal
period), adjusted for capital expenditures and depreciation through the Closing Date.
Sale Price vs. Book Value is the difference between the sale price and book value ofthe asset (i.e., the Sale Price is higher than Book Value).
3
Appraisal Value is calculated by Daiwa Real Estate Appraisal as of April 30, 2019, andis in compliance with the appraisal guidelines of IIA as well as the rules of theInvestment Trusts Association of Japan.
4
Any expense that incurs due to the transfer of the trust beneficiary interest in realestate (juekiken) will be borne by the buyer.
3. Transaction Rationale
As a specialized office REIT, Ichigo Office continues to execute on its strategy to growshareholder value by focusing its portfolio on high-quality, mid-size office assets.
Consistent with this strategy, Ichigo Office is today acquiring an office asset and sellinga non-office retail asset. Ichigo Office’s post-transaction portfolio will be 80 officeassets, comprising 95.5% of the portfolio by value. The acquisition and sale are
expected to increase Ichigo Office’s annual NOI by c. JPY 12 million.1
The Ichigo Hakata East Building is located in central Fukuoka, a real estate market withconsiderable rental growth potential. Please refer to Section 4 below for additional
details on the asset and the specific acquisition rationale.
2

Ichigo Office decided to sell the retail asset because of the significant anticipatedexpenditures required for upgrades to maintain its competitiveness and the uncertain
outlook for rents from restaurant and shop tenants in the area. Ichigo Office had been
looking for a buyer for the retail asset who would simultaneously provide a quality
office asset for Ichigo Office to acquire in order to avoid a fall-off in its earnings anddividend due to the sale. Ichigo Office’s sponsor, Ichigo, was willing to both buy theretail asset and sell the office asset on the terms that Ichigo Office required, making
today’s transactions possible. The asset sale is expected to generate gains on sale of c.
JPY 400 million.
With this asset sale, Ichigo Office is also embarking upon a new strategy to drive its
sustainable growth with support from Ichigo. If Ichigo ever redevelops the Ichigo
Shibuya Fiesta Building, Ichigo Office will have a preferential negotiation right withrespect to acquiring the asset.2
Ichigo Office has confirmed the appropriateness of the Ichigo Hakata East Building’s
acquisition price and the Ichigo Shibuya Fiesta Building’s sale price. Given that this is arelated-party transaction, Ichigo Office fully implemented its related-party transaction
procedures, including getting third-party appraisals on both the office and retail asset
and cross-checking the third-party appraisals with an additional third-party second
opinion appraisal.
Proceeds from the sale will be used along with cash-on-hand to finance the acquisition.
1

The annual NOI increase is calculated per the following:
NOI of sold asset = Annualized NOI of sold asset based on October 2018 actual
NOI of acquired asset = Annualized forecast NOI of acquired asset calculated by IIA
For details, please refer to Reference on page 14.

2

In the case that Ichigo decides to sell the asset after redeveloping it, Ichigo is required
to give prior notice to Ichigo Office, and Ichigo Office will have a preferential
negotiation right with respect to acquiring the asset.

4. Description and Location of the Ichigo Hakata East Building(1) Location
The Ichigo Hakata East Building is in Hakata, Fukuoka’s main commercial district
centered on the Hakata Station rail hub, that has been experiencing ongoing population
growth. Several major roads also converge on Hakata, and it features a significant
number of hotels and large office buildings occupied by financial institutions and major
corporations.
The building offers convenient access to JR Hakata Station, which is served by JR lines
including the Shinkansen bullet train, and to the Fukuoka City Subway Kuko Line,
which connects to the Tenjin entertainment district and Fukuoka Airport.
Hakata is expected to experience further growth as a major commercial district due to
new redevelopment projects planned near the station.
(2) Features
The Ichigo Hakata East Building is a mid-size office building located within a fourminute walk from JR Hakata Station and the Fukuoka City Subway Kuko Line.
Each floor has a standard floor plate of 120 tsubo (396m2) with a standard ceiling heightof 2.7 meters, and is equipped with individual air conditioning systems and raised-accessfloors, therefore catering to the demands of diverse tenants.
3

Tenants include a cosmetics manufacturer, a security company, a construction
consultancy, and the branch and sales offices of listed Japanese companies.
(3) Building Exterior/Interior and Location

4

Asset Name
Legal Form of Asset
Trustee
Period of Trust Contract
Location
Property Right
Area
Land
ZoningCoverage Ratio
Floor Area Ratio
Property Right
Use
Building Structure
Total Floor Area
Date Built
Appraiser
Appraisal Value

Asset Overview
Ichigo Hakata East Building
Trust beneficiary interest in real estate (juekiken)
Mitsubishi UFJ Trust and Banking Corporation
July 30, 2015 – May 31, 2029 (expected)
1-13-6 Hakataeki Higashi, Hakata-ku, Fukuoka
Freehold
751.78m2
Commercial
80%500%
Freehold
OfficeSteel Reinforced Concrete, 8 Floors
3,858.01m2
June 11, 2002
Tanizawa Sogo Appraisal Co., Ltd.
JPY 2,480 million
April 1, 2019

Appraisal Date
Value by Direct Capitalization
JPY 2,580 million
MethodKajima Corporation, Kyushu Branch, First-Class Registered
Architect1
Architects Office1
Builder
Kajima Corporation, Kyushu Branch
Kajima Corporation, Kyushu Branch, First-Class Registered
Structural Designer1
Architects OfficeInspection Agency1
Fukuoka City
PML (Assessor)
1.61% (Sompo Risk Management & Health Care Inc.)
Collateral
None
Lease Details (as of April 30, 2019)
Tenant Overview
21
Number of Tenants
Monthly Rental Income
JPY 10.865 million
Tenant Security Deposits
Leasable Area
Leased Area
Occupancy

JPY 84.324 million
2,918.31m2
2,861.88m2
Apr 2017 Oct 2017
100%

100%

5

Apr 2018

Oct 2018

Apr 2019

100%

100%

98.1%

Property Management
Company
Master Lease Company
Master Lease Type

Fukuoka Jisho Co., Ltd. (expected)
Ichigo Office REIT Investment Corporation (expected)
Pass-through (expected)
Special Items

1. A lease termination notification was received from one of the tenants (leased area:
56.24m2) on May 24, 2019, effective December 31, 2019. Occupancy is expected to be
96.1% after the termination.
2. Part of the concrete wall and an electric socket cover (socket used for a TV antenna)
encroach on the south neighbor. There is no memorandum of understanding to rectify thesituation.
1

Names of the architect, builder, structural designer, and inspection agency are those as of
the building’s construction date.

6

Asset Name
Appraisal Value
Appraiser
Appraisal Date
Appraisal Value
Value by Direct
Capitalization Method
IncomeForecast FullOccupancy Rental
IncomeForecast Decrease
in Rental Income
due to Vacancy
Expenses
Administrative &MaintenanceExpensesUtility Expenses
Repair Expenses
PM FeeLeasing
Brokerage Fees
Taxes
Insurance
Premiums
Other Expenses
Net Operating
Income (NOI)
Income from
Investments of
Deposits
CapitalExpenditure
Net Profit

Appraisal Details
Ichigo Hakata East Building
JPY 2,480,000,000
Tanizawa Sogo Appraisal Co., Ltd.
April 1, 2019
AmountNote
Based on a DCF valuation and verified
JPY 2,480,000,000
using a direct capitalization valuation
JPY 2,580,000,000
JPY 165,921,561
Based on an analysis of potential rental
JPY 174,580,591 income, common area service income,parking lot income, and other income
JPY 8,659,030 Based on long-term vacancy rates
JPY 45,457,218
JPY 12,186,863 Based on actual amounts
JPY 14,498,164 Based on actual amounts
JPY 3,390,000 Based on engineering reports
JPY 3,810,174 Based on current rate
JPY 1,237,805 Based on a 10% p.a. turnover rate
JPY 9,770,400 Based on FY2018 actual amounts
JPY 397,890 Based on insurance estimates
JPY 165,922 Based on actual amounts
JPY 120,464,343
JPY 1,142,907 Based on a 1.0% investment yield
JPY 7,910,000 Based on engineering reports
JPY 113,697,250
Based on transactions of similar assets
and a comprehensive assessment of the
4.4% asset’s location, its specificcharacteristics, and the discount rate
appropriate to the asset

Cap Rate

7

Value via DCF Method

JPY 2,440,000,000

Discount Rate

Based on yields of similar real estate
assets and of Japanese financial assets,
4.5%
taking into account the asset’s specificcharacteristics

Terminal Cap Rate

4.6% Based upon risk-adjusted NOI

Accounting Value

JPY 2,290,000,000
Based upon value recorded in
76.0% government land assessment(koujikakaku)
24.0% Based upon post-depreciation value

Land
Building

Notes
None
Note: Appraisal NOI Yield: 5.4% (calculated by dividing NOI by Acquisition Price)8

5. Seller Profile
Name
Address
Representative

Principal Businesses
CapitalEstablishment Date
GK Investor
Relationship with
Ichigo Office or
Ichigo Investment
Advisors (IIA)1
1

Kichijoji Holdings GK
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Ippan Shadan Hojin Star Holding, Representative Employee
Takafumi Inaba, Representative Director
1. Ownership and buying/selling of trust beneficiary interests inreal estate (juekiken)
2. Ownership, management, and buying/selling of real estate
3. Other business relating to the above businesses
JPY 100,000
April 30, 2013
Ippan Shadan Hojin Star Holdings
Although the seller is not a related party as defined in the
Enforcement Ordinance of the Investment Trust and Investment
Corporation Law, it is a related party as defined in IIA’s
internal rules given that Ichigo, IIA’s 100% shareholder, is thesole investor in the seller and the seller receives asset
management advice from Ichigo Estate, an Ichigo subsidiary.

Because Kichijoji Holdings GK is a related party as specified in IIA’s internal rules,
Ichigo Office has obtained prior approval from IIA’s Board of Directors to fully
implement IIA’s rules on related-party transactions. Ichigo Office has also crosschecked the third-party appraisal with an additional third-party second opinion
appraisal.

6. Ownership History
Asset Name
Name
Relationship with
Ichigo OfficeAcquisition Rationale
Acquisition Price
Acquisition Date

Ichigo Hakata East Building
Current Owner
Kichijoji Holdings GK
Please see “Seller Profile” inSection 5.
Investment
Omitted as ownership exceeds
one year
July 30, 2015

7. Broker Profile of Acquisition
N/A

9Previous Owner
Unrelated Party––––

8. Details of Ichigo Fiesta Shibuya Building
Asset Name
Legal Form of Asset
Location
Property Right
Area
Land
ZoningCoverage Ratio
Floor Area Ratio
Property Right
Use
Building
Structure
Total Floor Area
Date Built
Number of Tenants
Monthly Rental Income
Tenant Security Deposits
Leasable Area
Leased Area

Asset Overview
Ichigo Fiesta Shibuya Building
Real estate
3-10 Udagawacho, Shibuya-ku, Tokyo
Freehold
204.62m2
Commercial
80%700%
Freehold
Retail, Medical Clinic, Office
Steel Reinforced Concrete, B1 Floor + 9 Floors
1,399.74m2
November 20, 1979
10 (as of April 30, 2019)
JPY 10.059 million (as of April 30, 2019)

JPY 108.176 million (as of April 30, 2019)
1,185.85m2 (as of April 30, 2019)
1,185.85m2 (as of April 30, 2019)
Apr 2017 Oct 2017 Apr 2018 Oct 2018 Apr 2019
Occupancy
100%
96.1%
96.1%
100%
100%
Acquisition Price
JPY 1,970 million
Appraiser
Daiwa Real Estate Appraisal Co., Ltd.
Appraisal
Appraisal Date
April 30, 2019
Value
Appraisal Value
JPY 2,210 million
Note: Monthly Rental Income (including utilities fees) and Tenant Security Deposits
refer to those stated in the lease agreement.

10Asset Name
Appraisal Value
Appraiser
Appraisal Date
Appraisal Value
Value by Direct
Capitalization Method
IncomeForecast FullOccupancy Rental
IncomeForecast Decrease
in Rental Income
due to Vacancy
Expenses
Administrative &MaintenanceExpenses

Appraisal Details
Ichigo Fiesta Shibuya Building
JPY 2,210,000,000
Daiwa Real Estate Appraisal Co., Ltd.
April 30, 2019
AmountNote
Based on a DCF valuation, and verified
JPY 2,210,000,000
using a direct capitalization valuation
JPY 2,220,000,000
JPY 126,370,559
Based on an analysis of potential rental
JPY 131,198,400 income, common area service income,and other income
JPY 4,827,841 Based on long-term vacancy rates
JPY 34,549,051
JPY 7,376,640

Utility Expenses

JPY 14,319,360

Repair Expenses

JPY 1,877,000

PM FeeJPY 2,729,816

Leasing
Brokerage Fees
Taxes

JPY 760,884
JPY 7,102,000

Based on an analysis of expenses ofsimilar assets and past actual amounts
Based on similar assets and past actual
amounts
Based on engineering reports andsimilar assets
Based on current rate
Based on expected turnover rate andtenant acquisition costs for similar
assetsBased on FY2018 actual amounts

Insurance
Premiums

JPY 130,610 Based on FY2019 actual amounts

Other Expenses

JPY 252,741

Net Operating
Income (NOI)
Income on
Investment of
Deposits Received
CapitalExpenditure
Net Profit

0.2% of rental income (accounted for asa variable expense)

JPY 91,821,508
JPY 913,061 Based on a 1.0% investment yield
JPY 4,005,000

Based on engineering reports andsimilar assets

JPY 88,729,569
Based on yields of similar real estate
assets and of Japanese financial assets,
4.0%
taking into account the asset’s specificcharacteristics

Cap Rate

11

Value via DCF Method

JPY 2,200,000,000

Discount Rate

Based on transactions of similar assets
and the yields of financial assets with
3.8%
the asset’s individual characteristics
taken into account

Terminal Cap Rate

4.2% Based upon risk-adjusted NOI

Accounting Value

JPY 1,270,000,000

Land

Based upon value recorded in
96.3% government national land assessment(koujikakaku)

Building

3.7% Based upon post-depreciation value
Notes

A DCF valuation (verified using a direct capitalization valuation) was the primary valuation
methodology employed, because it reflects market value and is thus more relevant thanaccounting value.

129. Buyer Profile
Name
Address
Representative
Principal Businesses
CapitalEstablishment Date
GK Investor

Relationship with
Ichigo Office or IIA1

1

Hakata GK
1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo
Ippan Shadan Hojin IES2, Representative Employee
Takafumi Inaba, Representative Director
1. Ownership and buying/selling of trust beneficiary interests inreal estate (juekiken)
2. Ownership, management, and buying/selling of real estate
3. Other business relating to the above businesses
JPY 100,000
February 1, 2018
Ippan Shadan Hojin IES2
Although the buyer is not a related party as defined in the
Enforcement Ordinance of the Investment Trust and Investment
Corporation Law, it is a related party as defined in IIA’s
internal rules given that Ichigo, IIA’s 100% shareholder, is thebuyer’s sole investor and the buyer receives asset management
advice from Ichigo Estate, an Ichigo subsidiary and related
party.

Because Hakata GK is a related party as specified in IIA’s internal rules, Ichigo Officehas obtained prior approval from IIA’s Board of Directors to fully implement IIA’s
rules on related-party transactions. Ichigo Office has also cross-checked the third-party
appraisal with an additional third-party second opinion appraisal.

10. Broker Profile
N/A
11. Use of Sale Proceeds
Ichigo Office will allocate part of the sale proceeds towards the Ichigo Hakata East
Building acquisition.
12. Transaction Schedule
Board Resolution Date
Contract Date
Closing Date for Asset Sale
Closing Date for Asset Acquisition

May 29, 2019
May 29, 2019
May 30, 2019 (expected)
May 31, 2019 (expected)

13. Earnings Outlook
The asset sale is forecast to generate gains on sale of JPY 400 million.1 Subject tocomplying with J-REIT conduit requirements, Ichigo Office will retain all or part of thegains on sale to fund future acquisitions and value-add capex. There is no change to
Ichigo Office’s October 2019 earnings forecast.
1

Calculated as sale price including property and city-planning taxes minus book value
and expected sale-related expenses

13

Reference
1. Earnings Profile of Asset Being Acquired(JPY million)
Forecast1

At Acquisition2

A. Rental Income
B. Rental Expenses(excluding depreciation)3
C. NOI (A-B)

160

141

44

43

116

97

D. NOI Yield4

5.2%

4.3%

E. Depreciation5

17

17

F. Post-depreciation NOI (C-E)

98

79

G. Post-depreciation NOI Yield4

4.4%

3.5%

H. Occupancy6

96.0%

98.1%

1

Amounts exclude one-off factors in the year of acquisition and are calculated based on
current and future anticipated fluctuations in occupancy.
2
Shows first-year amounts used to calculate the DCF-based valuation, excluding one-off
factors in the year of acquisition.
3
Rental Expenses include incidental expenses such as service provider expenses, property,
city planning, and consumption taxes, and other fees.
4
Forecast NOI Yield and NOI Yield At Acquisition are calculated by dividing theForecast NOI and NOI At Acquisition, respectively, by the Acquisition Price.
5
Depreciation is as estimated by Ichigo Office.
6
Occupancy is as of April 30, 2019.
2. Engineering Report Summary
Asset Name
Inspector Name
Inspection Date
Short-Term Repair Expenses1
Long-Term Repair Expenses2
Current Replacement Cost

Ichigo Hakata East Building
Tokio Marine & Nichido Risk Consulting Co., Ltd.
March 2019–
JPY 124.288 million
JPY 1,129.800 million

1

Short-Term Repair Expenses are defined as repair expenses beyond the scope ofordinary maintenance within a year from the time of inspection.
2
Long-Term Repair Expenses are defined as cumulative repair expenses considerednecessary for the maintenance of the asset within twelve years from the time ofinspection.

14

Appendix C: Post-Transaction Portfolio
No.
O-02
O-03
O-04
O-05
O-06
O-07
O-08
O-09
O-10
O-11
O-12
O-14
O-15
O-16
O-17
O-18
O-19
O-20
O-21
O-22
O-23
O-24
O-26

Area1

Asset Name

O-27
O-28
O-29

Ichigo Nishisando Building
Ichigo Mita Building
Ichigo Nanpeidai Building
Ichigo Hanzomon Building
Ichigo Hijirizaka Building
Ichigo Shibuya Kamiyamacho Building
Ichigo Akasaka 5 Chome Building
Ichigo Shibakoen Building
Ichigo Ebisu Nishi Building
Ichigo Ginza 612 Building
Ichigo Uchikanda Building
Ichigo Yotsuya 4 Chome Building
Ichigo Tameike Building
Ichigo Jimbocho Building
Ichigo Hakozaki Building
Ichigo Kudan 2 Chome Building
Ichigo Kudan 3 Chome Building
Ichigo Gotanda Building
Ichigo Shin Yokohama Building
Ichigo Minami Ikebukuro Building
Ichigo Nakano North Building
Ichigo Eitai Building
Ichigo Ikejiri Building
Ichigo Nishi Ikebukuro Building
Ichigo Nishi Gotanda Building
Ichigo Kichijoji Building

O-34

Ichigo Sakae Building

O-37

Ichigo Marunouchi Building

O-38
O-39
O-42
O-46
O-47

Ichigo Toyamaeki Nishi Building
Ichigo Mirai Shinkin Building
Ichigo Takamatsu Building
Ichigo Kanda Nishikicho Building
Ichigo Akihabara North Building

O-48

Ichigo Sakaisuji Honmachi Building

O-49

Ichigo Kanda Ogawamachi Building

Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Tokyo Metro Area
Tokyo Metro Area
Tokyo Metro Area
Tokyo Metro Area
Tokyo Metro Area
Tokyo Metro Area
Central Tokyo
Tokyo Metro Area
Four Major Regional
CitiesFour Major Regional
CitiesOther Regional Cities
Other Regional Cities
Other Regional Cities
Central Tokyo
Central Tokyo
Four Major Regional
CitiesCentral Tokyo
15

Acquisition
Price2(JPY million)% ofPortfolio3

3,254
2,740
1,920
1,550
1,200
1,505
735
1,100
1,917
1,773
1,140
550
580
1,820
1,150
763
844
5,060
1,816
1,460
764
1,490
2,030
639
765
2,160

1.6
1.3
0.9
0.8
0.6
0.7
0.4
0.5
0.9
0.9
0.6
0.3
0.3
0.9
0.6
0.4
0.4
2.5
0.9
0.7
0.4
0.7
1.0
0.3
0.4
1.1

4,705

2.3

6,710

3.3

1,645
1,158
3,010
2,130
5,500

0.8
0.6
1.5
1.0
2.7

1,940

1.0

2,210

1.1

No.
O-50
O-51
O-52
O-53
O-54
O-55
O-56
O-57
O-58
O-59
O-60
O-61
O-62
O-63
O-64
O-65
O-66
O-67
O-68
O-69
O-70
O-71
O-72
O-73

Ichigo Hatchobori Building
Ebisu Green Glass
Ichigo Omori Building
Ichigo Takadanobaba Building
Ichigo Omiya Building
Ichigo Sagamihara Building
Ichigo Ofuna Building
Ichigo Sendai East Building
Ichigo Kumamoto Building
Ichigo Jingumae Building
Ichigo Shibuya Dogenzaka Building
Ichigo Hiroo Building
Ichigo Sasazuka Building
Ichigo Nihonbashi East Building
Ichigo Sakurabashi Building
Ichigo Shinkawa Building
Ichigo Kudan Building
Ichigo Higashi Gotanda Building
Axior Mita
Ichigo Higashi Ikebukuro Building
Koriyama Big-i (Office Section)
Ichigo Kawasaki Building
Ichigo Shibuya East Building
Ichigo Ningyocho Building

O-74 Ichigo Nishi Honmachi Building
O-75 Ichigo Hakata Building
O-76 Ichigo Nishiki First Building
O-77
O-78
O-79
O-80

Area1

Asset Name

Ichigo Ikenohata Building
Ichigo Ikebukuro East Building
Ichigo Motoazabu Building
Ichigo Otsuka Building

O-81 Ichigo Nagoya Building
O-82 Ichigo Fushimi Building
O-83 Ichigo Nishiki Building
O-84 Ichigo Minami Morimachi Building

Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Tokyo Metro Area
Tokyo Metro Area
Tokyo Metro Area
Other Regional Cities
Other Regional Cities
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Tokyo Metro Area
Other Regional Cities
Tokyo Metro Area
Central Tokyo
Central Tokyo
Four Major Regional
CitiesFour Major Regional
CitiesFour Major Regional
CitiesTokyo Metro Area
Tokyo Metro Area
Central Tokyo
Tokyo Metro Area
Four Major Regional
CitiesFour Major Regional
CitiesFour Major Regional
CitiesFour Major Regional
Cities16

Acquisition
Price2(JPY million)
1,905
5,900
3,850

% of
Portfolio3

1,580
3,430
1,174
2,000
1,840
1,450
7,200
3,650
3,960
4,780
4,700
2,500
2,360
3,190
3,660
1,800
4,570
1,660
1,750
1,350
1,450

0.9
2.9
1.9
0.8
1.7
0.6
1.0
0.9
0.7
3.5
1.8
1.9
2.4
2.3
1.2
1.2
1.6
1.8
0.9
2.2
0.8
0.9
0.7
0.7

2,190

1.1

1,380

0.7

2,000

1.0

5,130
3,010
1,890
2,740

2.5
1.5
0.9
1.3

3,420

1.7

2,340

1.2

1,330

0.7

1,040

0.5

No.
O-85
O-86
O-87
O-88
O-89
O-90
O-91
O-92
O-93
O-94
Z-09
Z-10
Z-11
Z-12
Z-14

Area1

Asset Name
Ichigo Shibuya Udagawacho Building
Win Gotanda Building
Ichigo Hongo Building
Oimachi Center Building
Win Gotanda Building 2
MIF Building

Central Tokyo
Central Tokyo
Tokyo Metro Area
Central Tokyo
Central Tokyo
Central Tokyo
Four Major Regional
Ichigo Uchi Honmachi Building
CitiesIchigo Minami Otsuka Building
Tokyo Metro Area
Ichigo Nogizaka Building
Central Tokyo
Four Major
Ichigo Hakata East Building
Regional Cities
Subtotal - Office (80 Assets)
Konami Sports Club Izumi Fuchu
Other Regional Cities
Ichigo Shibuya Bunkamura Dori Building
Central Tokyo
Twicere Yokohama Isogo (Retail Section)
Tokyo Metro Area
Lions Square Kawaguchi
Tokyo Metro Area
Ichigo Kamata Building
Tokyo Metro Area
Subtotal - Other (5 Assets)
Total (85 Assets)

TK Equity Investment Tachikawa Holdings GK TK Equity Interest
1

Acquisition
Price2(JPY million)% ofPortfolio3

3,500
3,100
2,300
1,680
3,300
2,200

1.7
1.5
1.1
0.8
1.6
1.1

1,900

0.9

2,780
3,315

1.4
1.6

2,250

1.1

194,237
1,210
2,400
1,620

95.5

2,430
1,400
9,060
203,297

0.6
1.2
0.8
1.2
0.7
4.5
100.0

50

–

Central Tokyo refers to Chiyoda, Minato, Chuo, Shinjuku, Shibuya, and Shinagawa Wards. Tokyo Metro
Area refers to Tokyo (excluding the six wards above), Kanagawa, Chiba, and Saitama Prefectures. Four
Major Regional Cities refers to Osaka, Nagoya, Fukuoka, and Sapporo.
2
Acquisition Price excludes incidental expenses such as consumption taxes and other fees.
3% of Portfolio is based upon acquisition price.

17